29th Jan 2014 09:17
LONDON (Alliance News) - J Sainsbury PLC Wednesday said Chief Executive Officer Justin King will step down in July after 10 years at the helm and will be succeeded by Mike Coupe, currently the group's commercial director.
The supermarket chain said King will stand down at the company's annual general meeting on July 9, and Coupe will continue as group commercial director and chief executive officer designate in the interim.
It said John Rogers will continue in his role as chief financial officer.
During King's time at the helm, Sainsbury profits have trebled to GBP756 million in the financial year that ended in 2013 from GBP254 million in financial year that ended in 2005, while building an online grocery business worth GBP1 billion and receiving over 190,000 orders each week.
Sainsbury shares were down 1.9% Wednesday morning, trading at 350.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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